US officials press Greenland firm not to sell rare-earth project to Chinese investors
Date
1/13/2025 6:45:32 AM
(MENAFN) According to the CEO of a Greenland-based precious minerals business, US officials pressed them not to sell a rare-earth project to Chinese investors. Tanbreez Mining CEO Greg Barnes told Reuters that the deposit was eventually sold to a US-based corporation.
The announcement comes as US President-elect Donald trump insists on taking over the island, which is rich in resources and has a critical strategic position in the Arctic.
Barnes told Reuters that the privately held developer had to take proposals to sell its resource at Kringlerne in southern Greenland because it was having trouble finding the money to extract it. He mentioned that several proposals for the project came from Chinese companies. He added, nevertheless, that US officials had repeatedly urged him not to sell the deposit to a buyer with ties to Beijing during their two visits to the project last year. The executive claims that because offers from Chinese and other corporations had not made it clear how they would pay, he ultimately chose to sell to Critical Metals, a mining development company based in New York.
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